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(Hosting-NewsWire.com, December 10, 2016 ) The virtual reality market size, in terms of value, is expected to grow from USD 1.37 Billion in 2015 to USD 33.90 Billion by 2022, at a CAGR of 57.8% between 2016 and 2022. The increasing use of head-mounted displays (HMD) in the entertainment and gaming sector, decline in the prices of displays and other hardware components of HMDs, and use of VR for training and simulation in the defense sector are the major driving factors for the market.
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The research methodology used to estimate and forecast the virtual reality market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall size of the global market from the revenues of the key players. After arriving at the overall market size, the total market was split into several segments and subsegments which are then verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
This report segments the virtual reality market based on component, technology, device type, application, and geography. The market is further segmented on the basis of geography into various countries. The consumer application is expected to hold the largest market share during the forecast period. The commercial application would be the second-largest market during the forecast period, owing to the increasing demand for VR devices in the retail sector and for the purpose of educational training.
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The value chain of the virtual reality market includes the hardware and software companies such as Oculus VR, LLC (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Samsung Electronics Co., Ltd. (South Korea), EON Reality Inc. (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Vuzix Corporation (U.S.), CyberGlove Systems Inc. (U.S.), Sensics, Inc. (U.S.), Leap Motion Inc. (U.S.), Marxent Labs LLC (U.S.), WorldViz (U.S.), Jaunt, Inc. (U.S.), Cyberith GmbH (Austria), Virtalis Limited (U.K.), and Sixense Entertainment, Inc. (U.S.) among others.
The key players in virtual reality market include Oculus VR, LLC (U.S.), Sony Corporation (Japan), HTC Corporation (Taiwan), Samsung Electronics Co., Ltd. (South Korea), EON Reality Inc. (U.S.), Google Inc. (U.S.), Microsoft Corporation (U.S.), Vuzix Corporation (U.S.), CyberGlove Systems Inc. (U.S.), Sensics, Inc. (U.S.), Leap Motion Inc. (U.S.), and Sixense Entertainment, Inc. (U.S.). These players adopted various strategies such as new product developments, partnerships, collaborations, and acquisitions to cater to the needs of the customers in the market.
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Head-mounted displays are increasing being used for applications such as consumer, commercial, medical, industrial sectors among others. Also, the easy availability of HMDs is a major factor driving the adoption of HMDs in the virtual reality market.
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